**Exhibit 99.1**

 

**Janus Investment Fund (“JIF”)**
|                                             |       |          |       |                                       | ** ** | ** **                                                                                         | ** ** | ** **           | ** ** | ** **        | ** ** | ** **           | ** ** | ** **                       | ** ** | ** **           | ** ** | ** **        | ** ** | ** **           | ** ** | ** **        | ** ** | ** **           | ** ** |
|--------------------------------------------------|------------|---------------|------------|--------------------------------------------|------------|----------------------------------------------------------------------------------------------------|------------|----------------------|------------|-------------------|------------|----------------------|------------|----------------------------------|------------|----------------------|------------|-------------------|------------|----------------------|------------|-------------------|------------|----------------------|------------|
| ** **                                       | ** ** | ** **    | ** ** | ** **                                 | ** ** | **Lipper Rankings Based on Total Returns as of 3/31/2009** | ** ** |
| ** **                                       | ** ** | ** **    | ** ** | ** **                                 | ** ** | **1-Year**                                                                                         | ** ** | **3-Year**           | ** ** | **5-Year**        | ** ** | **10-Year**          | ** ** | **Since PM Inception** | ** ** |
| ** **                                       | ** ** | **PM**        | ** ** | ** **                                 | ** ** | **Percentile**                                                                                     | ** ** | **Rank /**      | ** ** | **Percentile**    | ** ** | **Rank /**      | ** ** | **Percentile**                   | ** ** | **Rank /**      | ** ** | **Percentile**    | ** ** | **Rank /**      | ** ** | **Percentile**    | ** ** | **Rank /**      | ** ** |
| ** **                                       | ** ** | **Inception** | ** ** | **Lipper Category**                   | ** ** | **Rank (%)**                                                                                  | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)**                | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth  Funds**                                |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Janus Twenty Fund  (1)                           |       | Jan-08        |       | Large-Cap Growth Funds                     | ** ** | **76**                                                                                             | ** ** | **595 /  789**       | ** ** | **1**             | ** ** | **1 / 674**          | ** ** | **1**                            | ** ** | **2 / 563**          | ** ** | **31**            | ** ** | **86 / 285**         | ** ** | **44**            | ** ** | **343 /  781**       | ** ** |
| Janus Fund                                       |       | Oct-07        |       | Large-Cap Growth Funds                     | ** ** | **60**                                                                                             | ** ** | **474 /  789**       | ** ** | **37**            | ** ** | **246 /  674**       | ** ** | **32**                           | ** ** | **180 /  563**       | ** ** | **60**            | ** ** | **169 /  285**       | ** ** | **49**            | ** ** | **369 /  761**       | ** ** |
| Janus Orion Fund                                 |       | Dec-07        |       | Multi-Cap Growth Funds                     | ** ** | **99**                                                                                             | ** ** | **492 /  499**       | ** ** | **37**            | ** ** | **143 /  387**       | ** ** | **6**                            | ** ** | **18 / 323**         | ** ** | **—**        | ** ** | **—**           | ** ** | **97**            | ** ** | **473 /  488**       | ** ** |
| Janus Research  Fund                             |       | Jan-06        |       | Large-Cap Growth Funds                     | ** ** | **95**                                                                                             | ** ** | **747 /  789**       | ** ** | **45**            | ** ** | **299 /  674**       | ** ** | **31**                           | ** ** | **173 /  563**       | ** ** | **46**            | ** ** | **130 /  285**       | ** ** | **41**            | ** ** | **271 /  662**       | ** ** |
| Janus Enterprise  Fund                           |       | Oct-07        |       | Mid-Cap Growth Funds                       | ** ** | **65**                                                                                             | ** ** | **364 /  562**       | ** ** | **22**            | ** ** | **103 /  486**       | ** ** | **12**                           | ** ** | **46 / 398**         | ** ** | **74**            | ** ** | **139 /  187**       | ** ** | **39**            | ** ** | **209 /  543**       | ** ** |
| Janus Venture  Fund (1)                          |       | Jan-01        |       | Small-Cap Growth Funds                     | ** ** | **75**                                                                                             | ** ** | **443 /  593**       | ** ** | **40**            | ** ** | **201 /  506**       | ** ** | **34**                           | ** ** | **138 /  413**       | ** ** | **63**            | ** ** | **131 /  207**       | ** ** | **28**            | ** ** | **82 / 292**         | ** ** |
| Janus Triton Fund                                |       | Jun-06        |       | Small-Cap Growth Funds                     | ** ** | **7**                                                                                              | ** ** | **40 / 593**         | ** ** | **3**             | ** ** | **11 / 506**         | ** ** | **—**                       | ** ** | **—**           | ** ** | **—**        | ** ** | **—**           | ** ** | **1**             | ** ** | **5 / 515**          | ** ** |
| **Core  Funds**                                  |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Janus Contrarian  Fund                           |       | Feb-00        |       | Multi-Cap Core Funds                       | ** ** | **99**                                                                                             | ** ** | **763 /  772**       | ** ** | **74**            | ** ** | **464 /  627**       | ** ** | **8**                            | ** ** | **33 / 468**         | ** ** | **—**        | ** ** | **—**           | ** ** | **20**            | ** ** | **44 / 222**         | ** ** |
| Janus Growth and  Income Fund                    |       | Nov-07        |       | Large-Cap Core Funds                       | ** ** | **67**                                                                                             | ** ** | **589 /  888**       | ** ** | **74**            | ** ** | **562 /  766**       | ** ** | **34**                           | ** ** | **213 /  638**       | ** ** | **33**            | ** ** | **117 /  360**       | ** ** | **54**            | ** ** | **460 /  866**       | ** ** |
| Janus Balanced  Fund                             |       | Apr-05        |       | Mixed-Asset Target Alloc. Mod. Funds       | ** ** | **4**                                                                                              | ** ** | **19 / 522**         | ** ** | **4**             | ** ** | **12 / 391**         | ** ** | **1**                            | ** ** | **2 / 289**          | ** ** | **11**            | ** ** | **16 / 153**         | ** ** | **1**             | ** ** | **3 / 353**          | ** ** |
| Janus Fundamental  Equity Fund                   |       | Nov-07        |       | Large-Cap Core Funds                       | ** ** | **87**                                                                                             | ** ** | **771 /  888**       | ** ** | **83**            | ** ** | **631 /  766**       | ** ** | **23**                           | ** ** | **144 /  638**       | ** ** | **24**            | ** ** | **86 / 360**         | ** ** | **82**            | ** ** | **706 /  866**       | ** ** |
| INTECH Risk—Managed  Stock Fund             |       | Feb-03        |       | Multi-Cap Core Funds                       | ** ** | **38**                                                                                             | ** ** | **292 /  772**       | ** ** | **51**            | ** ** | **318 /  627**       | ** ** | **28**                           | ** ** | **128 / 468**        | ** ** | **—**        | ** ** | **—**           | ** ** | **32**            | ** ** | **126 /  398**       | ** ** |
| **Global/International  Funds**                  |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Janus Overseas  Fund                             |       | Jun-03        |       | International Funds                        | ** ** | **50**                                                                                             | ** ** | **591 /  1203**      | ** ** | **3**             | ** ** | **24 / 884**         | ** ** | **1**                            | ** ** | **4 / 705**          | ** ** | **5**             | ** ** | **15 / 367**         | ** ** | **1**             | ** ** | **3 / 648**          | ** ** |
| Janus Worldwide  Fund                            |       | Jun-04        |       | Global Funds                               | ** ** | **71**                                                                                             | ** ** | **351 /  494**       | ** ** | **60**            | ** ** | **228 /  381**       | ** ** | **91**                           | ** ** | **268 /  294**       | ** ** | **92**            | ** ** | **140 /  152**       | ** ** | **76**            | ** ** | **227 /  298**       | ** ** |
| Janus Global Life  Sciences Fund                 |       | Apr-07        |       | Global Healthcare/Biotechnology Funds      | ** ** | **66**                                                                                             | ** ** | **34 / 51**          | ** ** | **39**            | ** ** | **18 / 46**          | ** ** | **36**                           | ** ** | **16 / 44**          | ** ** | **13**            | ** ** | **2 / 15**           | ** ** | **24**            | ** ** | **12 / 51**          | ** ** |
| Janus Global  Technology Fund                    |       | Jan-06        |       | Global Science & Technology Funds | ** ** | **27**                                                                                             | ** ** | **22 / 82**          | ** ** | **40**            | ** ** | **31 / 77**          | ** ** | **43**                           | ** ** | **30 / 70**          | ** ** | **29**            | ** ** | **6 / 20**           | ** ** | **40**            | ** ** | **31 / 77**          | ** ** |
| Janus Global  Research Fund                      |       | Feb-05        |       | Global Funds                               | ** ** | **61**                                                                                             | ** ** | **299 /  494**       | ** ** | **25**            | ** ** | **94 / 381**         | ** ** | **—**                       | ** ** | **—**           | ** ** | **—**        | ** ** | **—**           | ** ** | **7**             | ** ** | **20 / 323**         | ** ** |
| Janus Global  Opportunities Fund                 |       | Jun-01        |       | Global Funds                               | ** ** | **27**                                                                                             | ** ** | **133 /  494**       | ** ** | **40**            | ** ** | **150 /  381**       | ** ** | **67**                           | ** ** | **196 /  294**       | ** ** | **—**        | ** ** | **—**           | ** ** | **16**            | ** ** | **32 / 206**         | ** ** |
| **Value  Funds**                                 |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Perkins Mid Cap  Value Fund — Inv (2)       |       | Aug-98        |       | Mid-Cap Value Funds                        | ** ** | **6**                                                                                              | ** ** | **21 / 360**         | ** ** | **4**             | ** ** | **10 / 292**         | ** ** | **2**                            | ** ** | **4 / 218**          | ** ** | **3**             | ** ** | **2 / 74**           | ** ** | **2**             | ** ** | **1 / 63**           | ** ** |
| Perkins Small Cap  Value Fund — Inv (1),(2) |       | Feb-97        |       | Small-Cap Core Funds                       | ** ** | **4**                                                                                              | ** ** | **23 / 758**         | ** ** | **4**             | ** ** | **21 / 606**         | ** ** | **11**                           | ** ** | **52 / 482**         | ** ** | **14**            | ** ** | **30 / 228**         | ** ** | **6**             | ** ** | **7 / 122**          | ** ** |
| **Income  Funds**                                |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Janus Flexible  Bond Fund                        |       | May-07        |       | Intermediate Investment Grade Debt         | ** ** | **6**                                                                                              | ** ** | **34 / 580**         | ** ** | **4**             | ** ** | **19 / 480**         | ** ** | **7**                            | ** ** | **26 / 401**         | ** ** | **19**            | ** ** | **39 / 208**         | ** ** | **6**             | ** ** | **32 / 535**         | ** ** |
| Janus High—Yield  Fund                      |       | Dec-03        |       | High Current Yield Funds                   | ** ** | **13**                                                                                             | ** ** | **60 / 461**         | ** ** | **13**            | ** ** | **48 / 390**         | ** ** | **13**                           | ** ** | **43 / 335**         | ** ** | **9**             | ** ** | **17 / 207**         | ** ** | **14**            | ** ** | **46 / 329**         | ** ** |
| Janus Short—Term  Bond Fund                 |       | May-07        |       | Short Investment Grade Debt                | ** ** | **2**                                                                                              | ** ** | **4 / 259**          | ** ** | **2**             | ** ** | **4 / 214**          | ** ** | **3**                            | ** ** | **4 / 176**          | ** ** | **6**             | ** ** | **5 / 89**           | ** ** | **5**             | ** ** | **12 / 254**         | ** ** |
| **Asset  Allocation Funds**                      |       |          |       |                                       |       |                                                                                               |       |                 |       |              |       |                 |       |                             |       |                 |       |              |       |                 |       |              |       |                 |       |
| Janus Smart  Portfolio—Growth               |       | Dec-05        |       | Mixed-Asset Target Alloc. Growth Funds     | ** ** | **75**                                                                                             | ** ** | **508 /  682**       | ** ** | **27**            | ** ** | **145 /  542**       | ** ** | **—**                       | ** ** | **—**           | ** ** | **—**        | ** ** | **—**           | ** ** | **14**            | ** ** | **73 / 539**         | ** ** |
| Janus Smart  Portfolio—Moderate             |       | Dec-05        |       | Mixed-Asset Target Alloc. Mod. Funds       | ** ** | **32**                                                                                             | ** ** | **165 /  522**       | ** ** | **15**            | ** ** | **55 / 391**         | ** ** | **—**                       | ** ** | **—**           | ** ** | **—**        | ** ** | **—**           | ** ** | **9**             | ** ** | **33 / 387**         | ** ** |
| Janus Smart  Portfolio—Conservative         |       | Dec-05        |       | Mixed-Asset Target Alloc. Cons. Funds      | ** ** | **35**                                                                                             | ** ** | **150 /  433**       | ** ** | **17**            | ** ** | **54 / 336**         | ** ** | **—**                       | ** ** | **—**           | ** ** | **—**        | ** ** | **—**           | ** ** | **10**            | ** ** | **30 / 320**         | ** ** |

 

Pleaseconsider the charges, risks, expenses and investment objectives carefullybefore investing. For a prospectus containing this and other information,please call Janus at 1—800—525—1068 or download the file from janus.com. Readit carefully before you invest or send money.

 

LipperInc. — A Reuters Company, is a nationally recognized organization that ranksthe performance of mutual funds within a universe of funds that have similarinvestment objectives.  Rankings arehistorical with capital gains and dividends reinvested. If an expense waiverwas in effect, it may have had a material effect on the total return or yieldfor the period.

 

Datapresented reflects past performance, which is no guarantee of future results.

 

----

Notes:

(1)     Closed to new investors.

(2)          Ranking is for the investor share class only; other classes may havedifferent performance characteristics.

 

----

 

**Janus Adviser Series (“JAD”) Class S Shares**
| ** **                              | ** ** | ** **    | ** ** | ** **                           | ** ** | ** **                                                                                         | ** ** |
|-----------------------------------------|------------|---------------|------------|--------------------------------------|------------|----------------------------------------------------------------------------------------------------|------------|
| ** **                              | ** ** | ** **    | ** ** | ** **                           | ** ** | **Lipper Rankings Based on Total Returns as of 3/31/2009** | ** ** |
| ** **                              | ** ** | ** **    | ** ** | ** **                           | ** ** | **1-Year**                                                                                         | ** ** | **3-Year** | ** ** | **5-Year** | ** ** | **10-Year** | ** ** | **Since PM Inception** | ** ** |
| ** **                              | ** ** | **PM**        | ** ** | ** **                           | ** ** | **Percentile**                                                                                     | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** |
| ** **                              | ** ** | **Inception** | ** ** | **Lipper Category**             | ** ** | **Rank (%)**                                                                                  | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth  Funds**                       |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forty Fund                              |       | Jan-08        |       | Large-Cap Growth Funds               | ** ** | **94**                                                                                             | ** ** | **735 /  789** | ** ** | **2** | ** ** | **12 / 674** | ** ** | **1** | ** ** | **3 / 563** | ** ** | **3** | ** ** | **7 / 285** | ** ** | **67** | ** ** | **522 /  781** | ** ** |
| Mid Cap Growth  Fund                    |       | Oct-07        |       | Mid-Cap Growth Funds                 | ** ** | **48**                                                                                             | ** ** | **270 /  562** | ** ** | **13** | ** ** | **61 / 486** | ** ** | **7** | ** ** | **26 / 398** | ** ** | **73** | ** ** | **137 /  187** | ** ** | **26** | ** ** | **140 /  543** | ** ** |
| Large Cap Growth  Fund                  |       | Oct-07        |       | Large-Cap Growth Funds               | ** ** | **59**                                                                                             | ** ** | **463 /  789** | ** ** | **41** | ** ** | **273 /  674** | ** ** | **40** | ** ** | **224 /  563** | ** ** | **51** | ** ** | **144 /  285** | ** ** | **46** | ** ** | **347 /  761** | ** ** |
| INTECH  Risk-Managed Growth Fund        |       | Jan-03        |       | Multi-Cap Growth Funds               | ** ** | **58**                                                                                             | ** ** | **288 /  499** | ** ** | **69** | ** ** | **267 /  387** | ** ** | **78** | ** ** | **252 /  323** | ** ** | **—** | ** ** | **—** | ** ** | **81** | ** ** | **237 /  294** | ** ** |
| Orion Fund                              |       | Dec-07        |       | Mid-Cap Growth Funds                 | ** ** | **91**                                                                                             | ** ** | **510 /  562** | ** ** | **20** | ** ** | **96 / 486** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **81** | ** ** | **444 /  552** | ** ** |
| Small-Mid Growth  Fund                  |       | Jun-06        |       | Small-Cap Growth Funds               | ** ** | **10**                                                                                             | ** ** | **59 / 593** | ** ** | **4** | ** ** | **20 / 506** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **2** | ** ** | **8 / 515** | ** ** |
| **Core  Funds**                         |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balanced Fund                           |       | Apr-05        |       | Mixed-Asset Target Alloc. Mod. Funds | ** ** | **3**                                                                                              | ** ** | **15 / 522** | ** ** | **3** | ** ** | **11 / 391** | ** ** | **2** | ** ** | **3 / 289** | ** ** | **8** | ** ** | **12 / 153** | ** ** | **1** | ** ** | **2 / 353** | ** ** |
| Growth and Income  Fund                 |       | Nov-07        |       | Large-Cap Core Funds                 | ** ** | **83**                                                                                             | ** ** | **734 /  888** | ** ** | **87** | ** ** | **666 /  766** | ** ** | **55** | ** ** | **347 /  638** | ** ** | **24** | ** ** | **84 / 360** | ** ** | **77** | ** ** | **661 /  866** | ** ** |
| Fundamental  Equity Fund                |       | Nov-07        |       | Large-Cap Core Funds                 | ** ** | **88**                                                                                             | ** ** | **776 /  888** | ** ** | **83** | ** ** | **633 /  766** | ** ** | **24** | ** ** | **153 /  638** | ** ** | **26** | ** ** | **92 / 360** | ** ** | **84** | ** ** | **726 /  866** | ** ** |
| Small Company  Value Fund               |       | Mar-02        |       | Small-Cap Core Funds                 | ** ** | **21**                                                                                             | ** ** | **158 /  758** | ** ** | **33** | ** ** | **196 /  606** | ** ** | **32** | ** ** | **152 /  482** | ** ** | **—** | ** ** | **—** | ** ** | **23** | ** ** | **90 / 396** | ** ** |
| INTECH  Risk-Managed Core Fund          |       | Jan-03        |       | Multi-Cap Core Funds                 | ** ** | **35**                                                                                             | ** ** | **266 /  772** | ** ** | **49** | ** ** | **305 /  627** | ** ** | **27** | ** ** | **122 /  468** | ** ** | **—** | ** ** | **—** | ** ** | **26** | ** ** | **98 / 389** | ** ** |
| Contrarian Fund                         |       | Aug-05        |       | Multi-Cap Core Funds                 | ** ** | **100**                                                                                            | ** ** | **766 /  772** | ** ** | **85** | ** ** | **530 /  627** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **59** | ** ** | **338 /  572** | ** ** |
| **Global/International/  Funds**        |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| International  Growth Fund              |       | Jun-03        |       | International Funds                  | ** ** | **26**                                                                                             | ** ** | **308 /  1203** | ** ** | **2** | ** ** | **15 / 884** | ** ** | **1** | ** ** | **1 / 705** | ** ** | **4** | ** ** | **12 / 367** | ** ** | **1** | ** ** | **1 / 648** | ** ** |
| Worldwide Fund                          |       | Jun-04        |       | Global Funds                         | ** ** | **65**                                                                                             | ** ** | **320 /  494** | ** ** | **60** | ** ** | **229 /  381** | ** ** | **93** | ** ** | **273 /  294** | ** ** | **89** | ** ** | **136 /  152** | ** ** | **78** | ** ** | **232 /  298** | ** ** |
| International  Equity Fund              |       | Nov-06        |       | International Funds                  | ** ** | **30**                                                                                             | ** ** | **361 /  1203** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **7** | ** ** | **66 / 989** | ** ** |
| INTECH  Risk-Managed International Fund |       | May-07        |       | International Funds                  | ** ** | **43**                                                                                             | ** ** | **509 /  1203** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **38** | ** ** | **406 /  1083** | ** ** |
| Global Research  Fund                   |       | Nov-07        |       | Global Funds                         | ** ** | **60**                                                                                             | ** ** | **297 /  494** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **48** | ** ** | **224 /  466** | ** ** |
| **Value  Funds**                        |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perkins Mid Cap  Value Fund             |       | Dec-02        |       | Mid-Cap Value Funds                  | ** ** | **5**                                                                                              | ** ** | **16 / 360** | ** ** | **4** | ** ** | **9 / 292** | ** ** | **3** | ** ** | **5 / 218** | ** ** | **—** | ** ** | **—** | ** ** | **8** | ** ** | **14 / 192** | ** ** |
| INTECH  Risk-Managed Value Fund         |       | Dec-05        |       | Multi-Cap Value Funds                | ** ** | **58**                                                                                             | ** ** | **210 /  364** | ** ** | **53** | ** ** | **154 /  291** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **56** | ** ** | **153 /  277** | ** ** |
| **Alternative  Funds**                  |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Long/Short Fund                         |       | Aug-06        |       | Long/Short Equity Funds              | ** ** | **43**                                                                                             | ** ** | **44 / 102** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **22** | ** ** | **11 / 49** | ** ** |
| Global Real Estate  Fund                |       | Nov-07        |       | Global Real Estate Funds             | ** ** | **5**                                                                                              | ** ** | **4 / 84** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **5** | ** ** | **4 / 81** | ** ** |
| **Income  Funds**                       |       |          |       |                                 |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flexible Bond  Fund                     |       | May-07        |       | Intermediate Investment Grade Debt   | ** ** | **5**                                                                                              | ** ** | **24 / 580** | ** ** | **5** | ** ** | **20 / 480** | ** ** | **9** | ** ** | **36 / 401** | ** ** | **17** | ** ** | **35 / 208** | ** ** | **6** | ** ** | **28 / 535** | ** ** |
| High-Yield Fund                         |       | Aug-05        |       | High Current Yield                   | ** ** | **12**                                                                                             | ** ** | **52 / 461** | ** ** | **14** | ** ** | **54 / 390** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **—** | ** ** | **17** | ** ** | **61 / 376** | ** ** |

 

Rankingsare for the Class S Shares only; other classes may have differentperformance characteristics.

 

**Janus AspenSeries (“JAS”) Institutional Shares**
| ** **                       | ** ** | ** **    | ** ** | ** **                            | ** ** | ** **                                                                                         | ** ** |
|----------------------------------|------------|---------------|------------|---------------------------------------|------------|----------------------------------------------------------------------------------------------------|------------|
| ** **                       | ** ** | ** **    | ** ** | ** **                            | ** ** | **Lipper Rankings Based on Total Returns as of 3/31/2009** | ** ** |
| ** **                       | ** ** | ** **    | ** ** | ** **                            | ** ** | **1-Year**                                                                                         | ** ** | **3-Year** | ** ** | **5-Year** | ** ** | **10-Year** | ** ** | **Since PM Inception** | ** ** |
| ** **                       | ** ** | **PM**        | ** ** | ** **                            | ** ** | **Percentile**                                                                                     | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** | **Percentile** | ** ** | **Rank /** | ** ** |
| ** **                       | ** ** | **Inception** | ** ** | **Lipper Category**              | ** ** | **Rank (%)**                                                                                  | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** | **Rank (%)** | ** ** | **Total Funds** | ** ** |
| **Growth  Funds**                |       |          |       |                                  |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Forty Portfolio                  |       | Jan-08        |       | VA Large-Cap Growth                   | ** ** | **89**                                                                                             | ** ** | **212 /  238** | ** ** | **2** | ** ** | **3 / 211** | ** ** | **2** | ** ** | **3 / 193** | ** ** | **3** | ** ** | **2 / 71** | ** ** | **64** | ** ** | **149 /  234** | ** ** |
| Large Cap Growth  Portfolio      |       | Oct-07        |       | VA Large-Cap Growth                   | ** ** | **56**                                                                                             | ** ** | **132 /  238** | ** ** | **25** | ** ** | **51 / 211** | ** ** | **36** | ** ** | **69 / 193** | ** ** | **63** | ** ** | **45 / 71** | ** ** | **37** | ** ** | **83 / 229** | ** ** |
| Mid Cap Growth  Portfolio        |       | Oct-07        |       | VA Mid-Cap Growth                     | ** ** | **77**                                                                                             | ** ** | **110 /  143** | ** ** | **19** | ** ** | **24 / 128** | ** ** | **17** | ** ** | **19 / 113** | ** ** | **74** | ** ** | **31 / 41** | ** ** | **41** | ** ** | **55 / 136** | ** ** |
| **Core  Funds**                  |       |          |       |                                  |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balanced  Portfolio              |       | Apr-05        |       | VA Mixed-Asset Target Alloc. Mod.     | ** ** | **3**                                                                                              | ** ** | **4 / 184** | ** ** | **2** | ** ** | **2 / 117** | ** ** | **2** | ** ** | **1 / 78** | ** ** | **11** | ** ** | **5 / 47** | ** ** | **1** | ** ** | **1 / 101** | ** ** |
| Growth and Income  Portfolio     |       | Nov-07        |       | VA Large-Cap Core                     | ** ** | **33**                                                                                             | ** ** | **80 / 242** | ** ** | **52** | ** ** | **112 /  217** | ** ** | **20** | ** ** | **37 / 189** | ** ** | **11** | ** ** | **9 / 84** | ** ** | **21** | ** ** | **48 / 237** | ** ** |
| Fundamental  Equity Portfolio    |       | Nov-07        |       | VA Large-Cap Core                     | ** ** | **72**                                                                                             | ** ** | **173 /  242** | ** ** | **75** | ** ** | **163 /  217** | ** ** | **18** | ** ** | **34 / 189** | ** ** | **19** | ** ** | **16 / 84** | ** ** | **66** | ** ** | **156 /  237** | ** ** |
| **Global/International  Funds**  |       |          |       |                                  |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Worldwide Growth  Portfolio      |       | Jun-04        |       | VA Global                             | ** ** | **75**                                                                                             | ** ** | **93 / 124** | ** ** | **51** | ** ** | **42 / 82** | ** ** | **95** | ** ** | **70 / 73** | ** ** | **87** | ** ** | **33 / 37** | ** ** | **89** | ** ** | **70 / 78** | ** ** |
| International  Growth Portfolio  |       | Jun-03        |       | VA International                      | ** ** | **43**                                                                                             | ** ** | **116 /  269** | ** ** | **3** | ** ** | **5 / 225** | ** ** | **2** | ** ** | **2 / 195** | ** ** | **6** | ** ** | **5 / 97** | ** ** | **2** | ** ** | **2 / 189** | ** ** |
| Global Life  Sciences Portfolio  |       | Oct-04        |       | VA Health/Biotechnology               | ** ** | **95**                                                                                             | ** ** | **35 / 36** | ** ** | **65** | ** ** | **22 / 33** | ** ** | **11** | ** ** | **3 / 28** | ** ** | **—** | ** ** | **—** | ** ** | **7** | ** ** | **2 / 31** | ** ** |
| Global Technology  Portfolio     |       | Jan-06        |       | VA Science & Technology      | ** ** | **55**                                                                                             | ** ** | **33 / 59** | ** ** | **37** | ** ** | **21 / 56** | ** ** | **40** | ** ** | **21 / 52** | ** ** | **—** | ** ** | **—** | ** ** | **39** | ** ** | **22 / 56** | ** ** |
| **Value  Funds**                 |       |          |       |                                  |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Perkins Mid Cap  Value Portfolio |       | May-03        |       | VA Mid-Cap Value                      | ** ** | **2**                                                                                              | ** ** | **1 / 87** | ** ** | **2** | ** ** | **1 / 73** | ** ** | **2** | ** ** | **1 / 59** | ** ** | **—** | ** ** | **—** | ** ** | **2** | ** ** | **1 / 57** | ** ** |
| **Income  Funds**                |       |          |       |                                  |       |                                                                                               |       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Flexible Bond  Portfolio         |       | May-07        |       | VA Intermediate Investment Grade Debt | ** ** | **6**                                                                                              | ** ** | **4 / 68** | ** ** | **7** | ** ** | **4 / 60** | ** ** | **8** | ** ** | **4 / 56** | ** ** | **8** | ** ** | **2 / 26** | ** ** | **10** | ** ** | **6 / 65** | ** ** |

 

Rankingsare for the Institutional Shares only; other classes may have differentperformance characteristics.

 

Pleaseconsider the charges, risks, expenses and investment objectives carefullybefore investing. For a prospectus containing this and other information,please call Janus at 1-800-525-1068 or download the file from janus.com. Readit carefully before you invest or send money.

 

LipperInc. — A Reuters Company, is a nationally recognized organization that ranksthe performance of mutual funds within a universe of funds that have similarinvestment objectives.  Rankings arehistorical with capital gains and dividends reinvested. If an expense waiverwas in effect, it may have had a material effect on the total return or yieldfor the period.

 

Datapresented reflects past performance, which is no guarantee of future results.

 

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